Guwahati: India’s Purchasing Manager’s Index (PMI) for manufacturing rose marginally to 55.7 in November from 55.3 in October amid an increase in new orders and production.

The headline figure is above its long-run average of 53.7.

The survey compiled by the rating agency - S&P Global, reflected an improvement in employment and purchases by factories.

A print above 50 in the survey indicates expansion in manufacturing activity. A score below that represents contraction.
Input cost inflation receded to the joint-weakest rate in 28 months, while charges rose at the slowest pace since February, the survey said.

The survey noted that the November data highlighted the seventeenth successive expansion in manufacturing production across India, as companies responded to ongoing increases in new work intakes.

Besides, the survey noted that employment rose solidly, and for the ninth month in a row. Firms are confident of demand remaining strong in the coming 12 months and foresee growth in production volumes.

Earlier on Monday, S&P Global Ratings had pared down its FY23 growth forecast for India to 7 per cent from 7.3 per cent estimated in September, though the rating agency had maintained that domestic demand recovery would support growth in India.

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